Court to Postpone Verdict on Former Porsche Managers
26 February 2016 - 4:09AM
Dow Jones News
By Ilka Kopplin
FRANKFURT--A regional court in Stuttgart will postpone its
verdict on whether former Porsche SE managers Wendelin Wiedeking
and Holger Härter were guilty of market manipulation during
Porsche's failed attempt to take over Volkswagen AG in 2008.
The court was set to announce a verdict on March 4, but on
Wednesday it changed this plan, saying it wants more time to review
evidence.
A new date for the verdict hasn't been determined yet,
Stuttgart's regional court said Thursday.
"The court's decision is based on last week's pleadings from
prosecutors, " a court spokeswoman told Dow Jones Newswires.
Investigators have potentially brought up new aspects in the
matter, and the court wants to examine these, she said. The court
will likely try to summon one or two more witnesses, although this
hasn't been decided yet, she said.
A spokesman for Porsche SE welcomed the court's
announcement.
"We're encouraging the inclusion of further documents in the
hearing," he said.
A spokesman for Mr. Wiedeking said the step could lead to a
quick end to the process and be helpful in removing final
doubts.
In their pleadings last Thursday, prosecutors said they were
convinced that the two former managers mislead investors by making
incorrect statements during Porsche's takeover attempt with the aim
of manipulating Volkswagen shares.
Prosecutors are demanding a prison sentence of two years and six
months for Mr. Wiedeking and two years and three months for Mr.
Haerter. They are also demanding that both ex-managers be charged
with a fine of EUR1 million ($1.1 million).
Write to Ilka Kopplin at ilka.kopplin@wsj.com
(END) Dow Jones Newswires
February 25, 2016 11:54 ET (16:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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